Flashback Friday: The Federal Reserve Is 'Traumatized'

Let's go over the top headlines from Friday, Oct. 5 before you head out of the office to that happy hour or simply to go collapse on your couch (I don't blame you for either, honestly).

Cramer Thinks the Fed Is Traumatized

Okay, wow. That's a statement.

Jim Cramer told me that he's a big believer that "people have the right to make some money."

"Here's what I care about," he said, switching gears. "I think the Federal Reserve is traumatized. I think that Jay Powell just wants to raise rates and...because he wants to do that, that's why I believe the stock market has been so weak."

Costco Slips After Earnings

Costco said the "weakness relates to general information technology controls in the areas of user access and program change-management over certain information technology systems that support the Company's financial reporting processes."

The company said fiscal fourth-quarter net income was $1.04 billion, or $2.36 a share, compared with $919 million, or $2.08 in the same period a year ago. The company said net sales, excluding membership fees, reached $43.4 billion, vs. $41.4 billion a year earlier. The results missed analyst estimates of $2.40 a share.

E-commerce sales, which have been an area of strength of late, increased 26.2% year-over-year.

In Need of Advice?

"No one wants to die. Even people who want to go to heaven don't want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because death is very likely the single best invention of life. It is life's change agent. It clears out the old to make way for the new."

"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected."

"My favorite things in life don't cost any money. It's really clear that the most precious resource we all have is time."

All right, that's all I got for you this week. Have a happy Friday and a great weekend.

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